Local.com Meets Barry Diller (LOCM, IACI)
Local.com (NASDAQ:LOCM) is seeing its shares surge some 15% pre-market after it signed a new pact today. It has entered a strategic partnership with Barry Diller’s IAC/Interactive (NASDAQ:IACI).
Local.com says it will benefit from additional advertiser revenue and content on its site by displaying Citysearch business profile data including over one million editorial and user reviews, as well as ratings, business coupons and photos. Citysearch will get to increase its advertiser reach on Local.com and its distribution network of over 400 regional media sites, which serve over 10 million visitors each month.
We recently highlighted Local.com (NASDAQ:LOCM) in our “10 Stocks Under $10” as one that would turn on the press release machines, and that was before it moved more than 40% in a single day. IAC/Interactive (NASDAQ:IACI) is also under review for our Special Situation Investing Newsletter. Here is our HOLIDAY DISCOUNT PAGE.
As usually expected, financial terms of the agreement were not disclosed. Local.com (NASDAQ:LOCM) shares are up roughly 15% pre-market at $5.80. Its 52-week trading range is $3.05 to $13.74.
Jon C. Ogg
December 20, 2007